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ICAHN ENTERPRISES L.P. ANNOUNCES PRICING TERMS FOR RIGHTS OFFERING
NEW YORK, Dec. 27, 2011 -- Icahn Enterprises L.P. (NASDAQ: IEP) announced today
that it has set the pricing terms for its previously announced rights offering.
Pursuant to the rights offering, Icahn Enterprises will distribute transferable
subscription rights pro rata to the holders of record of its depositary units as
of the close of business on December 27, 2011, the record date. Icahn
Enterprises' depositary unitholders will receive 0.15881 rights for each
depositary unit held as of the record date. Each whole right will entitle the
holder to acquire one newly issued depositary unit of Icahn Enterprises at a
subscription price of $36.7933. In addition, holders of rights will be entitled
to subscribe for additional depositary units that remain unsubscribed as a
result of any unexercised subscription rights. Icahn Enterprises intends to
distribute the rights to the record date unitholders on January 3, 2012.
Icahn Enterprises' depositary units are currently traded on The NASDAQ Global
Select Market ("NASDAQ") under the symbol "IEP." Icahn Enterprises expects that
the depositary units issued in the rights offering will also be listed on NASDAQ
under the same symbol. The rights are transferable and have been approved for
listing on NASDAQ under the symbol "IEPRR." The rights are expected to trade
from January 3, 2012 until the close of NASDAQ on January 20, 2012, the
expiration date of the rights offering, unless Icahn Enterprises extends the
offering period.
No fractional depositary units will be issued in the rights offering. The number
of depositary units to be issued upon exercise by a unitholder of its rights
will be rounded to the nearest whole depositary unit to eliminate fractional
depositary units.
Icahn Enterprises has filed a registration statement on Form S-3 with the
Securities and Exchange Commission that registers the rights and the new
depositary units. The registration statement was declared effective on December
27, 2011.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of
any such state or jurisdiction.
ABOUT ICAHN ENTERPRISES L.P.
Icahn Enterprises L.P. (NASDAQ:IEP), a master limited partnership, is a
diversified holding company engaged in eight primary business segments:
Investment, Automotive, Gaming, Railcar, Food Packaging, Metals, Real Estate and
Home Fashion.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Results for any interim period are not necessarily indicative of results for any
full fiscal period. This release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, many
of which are beyond our ability to control or predict. Forward-looking
statements may be identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "will" or words of similar
meaning and include, but are not limited to, statements about the expected
future business and financial performance of Icahn Enterprises L.P. and its
subsidiaries. Among these risks and uncertainties are risks related to economic
downturns, substantial competition and rising operating costs; risks related to
our investment activities, including the nature of the investments made by the
private funds in which we invest, losses in the private funds and loss of key
employees; risks related to our automotive activities, including exposure to
adverse conditions in the automotive industry, and risks related to operations
in foreign countries; risk related to our gaming operations, including
reductions in discretionary spending due to a downturn in the local, regional or
national economy, intense competition in the gaming industry from present and
emerging internet online markets and extensive regulation; risks related to our
railcar activities, including reliance upon a small number of customers that
represent a large percentage of revenues and backlog, the health of and
prospects for the overall railcar industry and the cyclical nature of the
railcar manufacturing business; risks related to our food packaging activities,
including competition from better capitalized competitors, inability of its
suppliers to timely deliver raw materials, and the failure to effectively
respond to industry changes in casings technology; risks related to our scrap
metals activities, including potential environmental exposure; risks related to
our real estate activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations, including changes in
the availability and price of raw materials, and changes in transportation costs
and delivery times; and other risks and uncertainties detailed from time to time
in our filings with the Securities and Exchange Commission. Past performance in
our Investment segment is not necessarily indicative of future performance. We
undertake no obligation to publicly update or review any forward-looking
information, whether as a result of new information, future developments or
otherwise.
CONTACT:
Investor Contact:
Dominick Ragone
Chief Financial Officer
(646) 861-750
